People pose for a selfie on the upper deck of a ferry from the port of Piraeus in Athens to the Island of Mykonos, Greece, stopping here at Siros Island on October 4, 2020. AFP
People pose for a selfie on the upper deck of a ferry from the port of Piraeus in Athens to the Island of Mykonos, Greece, stopping here at Siros Island on October 4, 2020. AFP
People pose for a selfie on the upper deck of a ferry from the port of Piraeus in Athens to the Island of Mykonos, Greece, stopping here at Siros Island on October 4, 2020. AFP
People pose for a selfie on the upper deck of a ferry from the port of Piraeus in Athens to the Island of Mykonos, Greece, stopping here at Siros Island on October 4, 2020. AFP

Greece and Israel agree on controversial Covid-19 'vaccine passport' scheme


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With most of its population soon to be inoculated against Covid-19, Israel is making deals that would let its citizens visit Greece and a handful of other tourist-hungry countries — a trend that illustrates the growing global debate over the rules of travel in the post-pandemic era.

About two-thirds of eligible Israelis have already had a first shot of vaccine, as the country administers doses at by far the highest rate anywhere.

On Monday, the government announced a deal with Greece on mutual recognition of jabs, allowing for eventual quarantine-free travel.

The Foreign Affairs Ministry says it’s discussing similar agreements with Cyprus and the Seychelles.

  • A health worker prepares to inject a vaccine shot at Calmette Hospital in Phnom Penh, Cambodia. EPA
    A health worker prepares to inject a vaccine shot at Calmette Hospital in Phnom Penh, Cambodia. EPA
  • People visit a local shrine in Tokyo, Japan. AP
    People visit a local shrine in Tokyo, Japan. AP
  • Travellers walk in the departure hall of Beijing South Railway station ahead of Lunar New Year celebrations. Reuters
    Travellers walk in the departure hall of Beijing South Railway station ahead of Lunar New Year celebrations. Reuters
  • An employee of Platinum Casket Company works on the production of new coffins in Los Reyes La Paz, Mexico. Reuters
    An employee of Platinum Casket Company works on the production of new coffins in Los Reyes La Paz, Mexico. Reuters
  • Senior citizens receive a Moderna Covid-19 vaccine from healthcare workers at a National Guard vaccination centre in San Juan, Puerto Rico. AFP
    Senior citizens receive a Moderna Covid-19 vaccine from healthcare workers at a National Guard vaccination centre in San Juan, Puerto Rico. AFP
  • People receive vaccinations at a drive-through site in Robstown, Texas, US. Reuters
    People receive vaccinations at a drive-through site in Robstown, Texas, US. Reuters
  • Medical workers move a patient at the intensive care unit of the Sotiria hospital in Athens, Greece. Reuters
    Medical workers move a patient at the intensive care unit of the Sotiria hospital in Athens, Greece. Reuters
  • Parade float elements lie in a jumble in the Unidos de Bangu samba school workshop in Rio de Janeiro, Brazil. AP
    Parade float elements lie in a jumble in the Unidos de Bangu samba school workshop in Rio de Janeiro, Brazil. AP
  • Cleaners disinfect the Holiday Inn Hotel in Melbourne, Australia. Getty Images
    Cleaners disinfect the Holiday Inn Hotel in Melbourne, Australia. Getty Images
  • A member of the World Health Organisation team tasked with investigating the origins of the coronavirus disease in Wuhan, China, leaves a hotel with a chart of the Huanan seafood market. EPA
    A member of the World Health Organisation team tasked with investigating the origins of the coronavirus disease in Wuhan, China, leaves a hotel with a chart of the Huanan seafood market. EPA

While many countries plan to open their borders to people who can show a negative Covid test taken shortly before flying, Israel is also proposing “vaccination certificates as an enabler for the movement of people between countries,” said Ilan Fluss, head of the ministry’s economic bureau. “It’s obviously safer than testing.”

Those certificates may be a precursor to the “vaccine passports” some countries are planning as they seek to revive their battered tourism sectors. But many leaders have been less than enthusiastic about requiring proof of vaccination for travel, saying any such system would be unfair and possibly ineffective.

The World Health Organisation says it’s unclear whether inoculated people can infect others even if they remain asymptomatic. And it says passports would create a hierarchy of haves and have-nots given the unequal access to vaccines in various countries. Some European countries fret that barring the unvaccinated from travel would undermine the bloc’s principle of free movement of people.

Other Europeans — in particular vacation destinations such as Greece and Portugal — have strongly advocated the idea. “We must make it easier for travelers who have proof of vaccination,” Greek Prime Minister Kyriakos Mitsotakis said Monday during a visit to Jerusalem. “I expect what we’re doing with Israel to be in essence a trial for what we can do with other countries.”

The International Air Transport Association, the global airline lobby, has begun testing a mobile app called Travel Pass, which it plans to roll out next month. Likely users include Abu Dhabi’s state-owned Etihad Airways, which has included Covid-19 test results on its tickets since August. “I anticipate if you’ve got one of the recognised vaccines, that will give you right of passage,” Chief Executive Officer Tony Douglas said in an interview Wednesday.

British Transport Secretary Grant Shapps is less certain. While the UK, which has had the fastest vaccine rollout among major economies, is talking with other countries about an international system to check tests and jabs, it’s too soon to be sure when such measures will be in place and how well protected the population will be, he told the BBC Wednesday.

“Please don’t go ahead and book holidays. I simply don’t know the answer to the question of where we’ll be up to this summer,” Mr Shapps said. “It’s too early to give that information. The best advice to people is: do nothing at this stage.”

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Manchester United 3 (Martial 7', 44', 74')

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Where to submit a sample

Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain

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